TCH Files Brief in Argentine Debt Case

March 3, 2014

The Clearing House (TCH) filed an amicus brief with the U.S. Supreme Court in Republic of Argentina v. NML Capital, Ltd. The brief argues that the discovery order that the district court imposed on two banks to search their records across the globe for Argentine assets that could not be attached in a U.S. proceeding was improper because: (i) the order imposes severe burdens on banks and foreign sovereigns, subjecting nonparty subjects of nonparty financial institutions to massive and often contradictory discovery obligations, therefore harming important interests of foreign states and thus implicating significant sovereign immunity concerns, and (ii) no federal statute or court rule authorizes courts to order nonparties to produce foreign discovery for use only in foreign litigation.